No Fee Chequing Accounts

When you're shopping around for a new chequing account, the number of choices available may overwhelm you. There are basic chequing accounts, unlimited chequing accounts, US chequing accounts and more – and they all come with varying limits on the number of transactions you can make, as well as a range of monthly fees. If the options don't seem clear, and you're trying to justify which account is best, you may be happy to know there's one other option to consider: a no fee chequing account with unlimited transactions. Does that sound too good to be true? It's not! Here's how it works.

Note :
For this page, we are just talking about the no fee chequing accounts offered by Tangerine, PC Financial and some credit unions in Canada – not the unlimited chequing accounts offered by the big banks, that can have their monthly fee waived if you maintain a minimum balance.

What is a no fee chequing account?

A no fee chequing account is about as good as it gets in the world of bank accounts. It's a chequing account that comes with unlimited transactions and no monthly fee. As well, like all other chequing accounts, any amount up to $100,000 that you deposit into your no fee chequing account is protected by CDIC insurance.

Most lenders also offer free email money transfers (if you're willing to wait 2-3 days for the money to go through)

Some lenders pay interest on your deposits

Some lenders also offer other rewards, such as referral bonuses and points you can redeem for goods and services, and

There is no minimum balance required.

It's the ultimate way to conduct your daily banking, without the stress of monthly fees.

What are the disadvantages of no fee chequing accounts?

Of course, there are a couple drawbacks that come with no fee chequing accounts:

They are not offered by the big banks; instead, they are only offered by a few lenders, including Tangerine, PC Financial, and some credit unions and small lenders, and

For that reason, you may be limited to a smaller number of ATMs offered by your lender (e.g. Tangerine clients can use Scotiabank and most credit unions' ATMs, and PC Financial clients can use CIBC ATMs). If you use your debit card at ATMs not associated with your lender, you may be “dinged” with transaction fees.

Case study: How a no fee chequing account can save you money

Allison currently uses the Scotia One Account. She pays $12.95/month and has the ability to make unlimited transactions for that price. Even though Allison is happy with her unlimited chequing account, she keeps hearing about the Tangerine Chequing Account her friends' use that has unlimited transactions and no monthly fee, and is thinking about switching. How much could she save if she switched to the Tangerine Chequing Account?

Chequing Accounts

Monthly Fee

Annual Cost

Scotia One Account

$12.95

12 x $12.95 = $155.40

Tangerine Chequing Account

$0.00

$0.00

Total Savings

$12.95/month

$155.40/year

If Allison switched to the Tangerine Chequing Account, she could save $12.95/month or $155.40/year on banking fees.

How to choose the right no fee chequing account

If you've already decided to make the switch to a no fee chequing account, then you really just need to think about a few things before deciding which lender to open an account with:

What the interest rates are for deposits (if any): Some of the no fee chequing accounts available right now offer a small amount of interest on deposits. If that's important to you, you may want to look at which lender offers the best interest rate.

Where the closest ATMs are: As mentioned above, one of the disadvantages of some of the no fee chequing accounts out there is that you may be limited to a small number of ATMs you can use. Find out how many available ATMs there are near your home and work, and how much it would cost you to use an ATM not associated with your lender, before deciding which one to open an account with.

Other rewards: One of the extra bonuses of using a no fee chequing account is that the account may come with some type of reward. For example, Tangerine offers all clients an “Orange Key” that they can give to friends and earn referral bonuses from. PC Financial lets clients earn “PC Points” which can be used for groceries at certain stores across Canada. Choose whichever option will be the most valuable to you.

Once you've compared all this information, you can apply and start banking with your no fee chequing account almost immediately.